| Schedule of Stock Warrants Activity |
The following is a summary
of the Company’s warrant activity:
| |
|
|
Warrants |
|
|
Weighted average exercise price |
|
|
Weighted average remaining contractual term in years |
|
|
Aggregate intrinsic value |
| Outstanding January 1, 2014 |
|
|
|
3,395,833 |
|
|
$ |
0.45 |
|
|
|
5.28 |
|
|
$ |
- |
|
| Exercisable January 1, 2014 |
|
|
|
3,395,833 |
|
|
$ |
0.45 |
|
|
|
5.28 |
|
|
$ |
- |
|
| Canceled |
|
|
|
(3,395,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
28,435,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2014 |
|
|
|
28,435,782 |
|
|
$ |
0.64 |
|
|
|
4.07 |
|
|
$ |
- |
|
| Exercisable December 31, 2014 |
|
|
|
28,435,782 |
|
|
$ |
0.64 |
|
|
|
4.07 |
|
|
$ |
- |
|
| Canceled |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
|
10,364,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding June 30, 2015 |
|
|
|
38,800,294 |
|
|
$ |
0.50 |
|
|
|
3.89 |
|
|
$ |
843,820 |
|
| Exercisable June 30, 2015 |
|
|
|
38,800,294 |
|
|
$ |
0.50 |
|
|
|
3.89 |
|
|
$ |
843,820 |
|
|
The following is a summary
of the Company’s warrant activity:
| |
|
Warrants |
|
|
Weighted
average
exercise price
|
|
|
Weighted
average
remaining
contractual
term in years
|
|
|
Aggregate
intrinsic value
|
|
| Outstanding January 1, 2013 |
|
|
3,693,971 |
|
|
$ |
0.450 |
|
|
|
4.81 |
|
|
$ |
- |
|
| Exercisable January 1, 2013 |
|
|
3,693,971 |
|
|
$ |
0.450 |
|
|
|
4.81 |
|
|
$ |
- |
|
| Granted |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
(298,138 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2013 |
|
|
3,395,833 |
|
|
$ |
0.450 |
|
|
|
5.28 |
|
|
$ |
- |
|
| Exercisable December 31, 2013 |
|
|
3,395,833 |
|
|
$ |
0.450 |
|
|
|
5.28 |
|
|
$ |
- |
|
| Canceled |
|
|
(3,395,833 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| Granted |
|
|
28,435,782 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Forfeited |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Outstanding December 31, 2014 |
|
|
28,435,782 |
|
|
$ |
0.643 |
|
|
|
4.07 |
|
|
$ |
- |
|
| Exercisable December 31, 2014 |
|
|
28,435,782 |
|
|
$ |
0.643 |
|
|
|
4.07 |
|
|
$ |
- |
|
|
| Schedule of Fair Value Assumptions Related to Warrants Outstanding |
The range of fair value assumptions
related to warrants outstanding as of June 30, 2015 and December 31, 2014, were as follows:
| |
|
June 30, 2015 |
|
|
December 31, 2014 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free rate |
|
|
0.12% - 0.86% |
|
|
|
0.12% - 0.66% |
|
| Expected volatility |
|
|
102% - 159% |
|
|
|
112% - 159% |
|
| Expected term |
|
|
1.0 - 2.5 years |
|
|
|
1.0 - 2.5 years |
|
|
The range of fair value assumptions
related to warrants outstanding as of December 31, 2014 and 2013, were as follows:
| |
|
December 31, 2014 |
|
|
December 31, 2013 |
|
| Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
| Risk-free rate |
|
|
0.12% - 0.66 |
% |
|
|
0.62% - 4.59 |
% |
| Expected volatility |
|
|
112% - 159 |
% |
|
|
108% - 167 |
% |
| Expected term |
|
|
1.0 - 2.5 years |
|
|
|
2.5 - 10.0 years |
|
|